19
Jan
2022

Pricewatch | 19 Jan 2022 | Gas Matters Today

Only Subscribers can read the full Article

Oil prices hit their highest level since October 2014 on Tuesday, amid a tight supply outlook, coupled with rising tensions in the Middle East and Russia.

The front-month Brent and WTI contracts settled 1.2% and 1.4% higher, respectively on Tuesday. Brent settled at USD 87.51/barrel, with WTI closing at USD 85.43/barrel.

Supply concerns have lifted crude prices in recent days, with tensions in the Middle East and Russia offering further support on Tuesday. Yemen's Houthi rebels launched drone and missile attacks on the UAE on Monday, resulting in the destruction of fuel trucks and the death of three people.

Concerns are also growing over a potential invasion of Ukraine by Russia. Moscow has stationed a large number of troops near Ukraine’s border, with some troops also heading to Belarus this week. Moscow and Minsk have said their troops are conducting joint military exercises.

As for gas, European prices staged a minor recovery on Tuesday amid ongoing unplanned outages in Norway. However strong LNG imports into Europe has helped cap price increases.

The February-dated NBP and TTF contracts settled over 1% higher on Tuesday. The Dutch marker settled at the equivalent of USD 26.02/MMBtu – USD 0.54/MMBtu higher than the UK gas benchmark.

In the US, Henry Hub closed 0.5% higher at USD 4.28/MMBtu. Meanwhile, Asian LNG marker JKM was unchanged.

The European carbon price bounced back, closing 2.6% higher at EUR 82.31/tonne.

Front-month futures and indexes at last close with day-on-day changes (click to enlarge):

Time references based on London GMT. Brent, WTI, NBP, TTF and EU CO2 data from ICE. Henry Hub, JKM and API2 data from CME. Prices in USD/MMBtu based on exchange rates at last market close. All monetary values rounded to nearest whole cent/penny. Text and graphic copyright © Gas Strategies, all rights.

Contact the editor:

Eric Thorp
[email protected]

Subscription Benefits

Our three titles – LNG Business Review, Gas Matters and Gas Matters Today – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.

LNG Business Review

LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.

Gas Matters

Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.

Gas Matters Today

Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.

Did you know that your Internet Explorer Browser is out of date?

Your MS Internet Explorer browser is out of date, and will not be fully compatible with our website. For best browsing experience we recommend that you upgrade your IE browser to a more recent version or use an alternative, more recent browser.